House passes research tax credit extension

The U.S. House of Representatives voted 241-181 on Wednesday to pass the Tax Extenders Act of 2009 (H.R. 4213), which would extend the research tax credit by one year through 2010. The current credit expires at the end of the month. A vote on the extension in the Senate has yet to be scheduled. In previous years, Congress has allowed the credit to expire, only to extend it retroactively. The bill also contains provisions that would tax profit allocations to investment fund managers, or carried interest, at ordinary income tax rates of about 35%. Currently, carried interest profits are taxed at the long-term capital gains rate of 15%. ...